How is the open offer price for acquisition of shares of a listed target company whose shares are frequently traded determined?

If the target company's shares are frequently traded, the open offer price for the acquisition of shares under the minimum open offer shall be the highest of the following: Highest Negotiated Price: The highest negotiated price per share under the share purchase agreement ('SPA') triggering the offer. Volume Weighted Average Price (VWAP) (52 weeks): The volume weighted average price of shares acquired by the acquirer during the 52 weeks preceding the public announcement ('PA'). Highest Price (26 weeks): The highest price paid for any acquisition by the acquirer during the 26 weeks immediately preceding the PA. Volume Weighted Average Market Price (VWAMP) (60 trading days): The volume weighted average market price for sixty trading days preceding the PA. The highest value among these four parameters will be considered as the minimum open offer price for frequently traded shares.